TOWN OF URANIA, LOUISIANA
Annual Financial Statements
JUNE 30,2006
Under provisions of state law, this report is a publicdocument. A copy of the report has been submitted tothe entity and other appropriate public officials. Thereport is available for public inspection at the BatonRouge office of the Legislative Auditor and, whereappropriate, at the office of the parish cierk of court.
Release Date
TOWN OF URANIA, LOUISIANA
The Town of Urania was incorporated under the Lawrason Act, and operates under the Mayor-Board of Aldermanform of government. The Town provides the following significant services to its residents as provided by its charter:public safety (police and fire), highways and streets, utilities (water and sewer services) and general administrativefunctions, including coordination of related services with parish, state and federal governing bodies.
TOWN OF URANIA, LOUISIANATable of Contents
June 30,2006
Schedule No. Page No.
Management's Discussion and Analysis 1-5
Independent Accountant's Report 6
Independent Accountant's Report on Applying Agreed-Upon Procedures 7-9
Basic Financial Statements
Statement of Net Assets A II
Statement of Activities B 12
Balance Sheet, Governmental Funds C 13
Reconciliation of The Government Funds Balance Sheet to theGovernment-Wide Financial Statement of Net Assets D 14
Statement of Revenues, Expenditures and Changes in Fund Balance -Governmental Funds , E 15
Reconciliation of The Statement of Revenues, Expenditures, and Changesin Fund Balances of Governmental Funds to the Statement of Activities F 16
Statement of Net Assets, Proprietary Funds G 17
Statement of Revenues, Expenses and Changes in Met Assets -Proprietary Funds H 18
Statement of Cash Flows - Proprietary Funds I 19
Statement of Net Assets-Fiduciary Fund J 20
Statement of Changes in Fiduciary Net Assets K 21
Notes to the Basic Financial Statements 22-32
Required Supplemental Information
Statement of Revenues, Expenditures, and Changes in Fund Balance -Budget and Actual - General Fund 1 34
Management Letter Comments 35
Management's Summary of Prior Year Findings 36
TOWN OF URANIAPO Box 339
Urania, Louisiana 71480Tel: (318)495-3452Fax:(318)495-3425
MANAGEMENTS DISCUSSION AND ANALYSIS
As management of the Town, we offer readers of the Town of Urania's financial statements this narrativeoverview and analysis of the financial activities of the Town for the fiscal year ended June 30, 2006. Weencourage readers to consider the information presented here in conjunction with the Town's financial statements.
The Management's Discussion and Analysis (MD&A) is an element of the new reporting model adopted by theGovernmental Accounting Standards Board (GASB) in their Statement No. 34 Basic Financial Statements - andManagement's Discussion and Analysis - for State and Local Governments issued June 1999.
FINANCIAL HIGHLIGHTS
Governmental Funds
• The assets of the Town exceeded its liabilities at the close of the most recent fiscal year by $107,751 (netassets). This is a $12,715 decrease from last year.
• The Town had total revenue of $177,065, in which $76,348 came from collection of fines and $68,682came from fees and charges. This is a $36,681 decrease from last year's revenues.
• The Town had total expenditures of $177,366, which is a $57,495 decrease from last year.
Enterprise Funds
• The assets of the Town exceeded its liabilities at the close of the most recent fiscal year by $2,128,820(net assets). This is a $56,660 decrease from last year.
• The Town had total revenue of $209,766, including operating revenues of $205,995 and non-operatingrevenues of $3,771. This is an $8,303 decrease from last year.
• The Town had total expenses of $261,428, in which $229,174 was operating expenses and $32,254 wasnon-operating expenses. This is a $594 decrease from last year.
MD&A
OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis is intended to serve as an introduction to the Town's basic financial statements. TheTown's basic financial statements consist of two components: 1) fund financial statements, and 2) notes to thefinancial statements. This report also contains other supplementary information in addition to the basic financialstatements themselves. The Town is a special-purpose entity engaged only in governmental activities.Accordingly, only fund financial statements are presented as the basic financial statements.
Effective, January 1, 2004, the Town adopted Governmental Accounting Standards (GASB) Statement No. 34,Basic Financial Statements - Management *s Discussion and Analysis -for State and Local Governments.
FUND FINANCIAL STATEMENTS
A. fimd is a grouping of related accounts that is used to maintain control over resources that have been segregatedfor specific activities or objectives. The Town, like other state and local governments, uses fund accounting toensure and demonstrate compliance with finance-related legal requirements.
USING THIS ANNUAL REPORT
The Town's annual report consists of financial statements that show information about the Town's funds,enterprise funds and governmental funds.
Our accountant has provided assurance in his independent accountant's report, located immediately following thisManagement's Discussion and Analysis, that the Basic Financial Statements are fairly stated. Varying degrees ofassurance are being provided by the accountant regarding the other information included in this report. A user ofthis report should read the independent accountant's report carefully to ascertain the level of assurance beingprovided for each of the other parts of this report.
Reporting the Town's Most Significant Funds
The Town's financial statements provide detailed information about the most significant funds. The Town mayestablish other funds to help it control and manage money for particular purposes or to show that it is meetinglegal responsibilities for using grants and other money. The Town's enterprise fund uses the following accountingapproach:
All of the Town's services are reported in an enterprise fund. They are reported using the full accrual method ofaccounting in which all assets and all liabilities associated with the operation of these funds are included on thebalance sheet. The focus of proprietary funds is on income measurement, which, together with the maintenanceof equity, is an important financial indication.
MD&A
Comparative Statement of Net AssetsGovernmental Funds
The following table represents a condensed Comparative Statement of Net Assets as of June 30,2006:
2005 2006 % ChangeAssetsCash & InvestmentsReceivablesCapital Assets, Net of Accumulated DepreciationTotal Assets
Liabilities & Net AssetsAccounts, Salaries, & Other PayablesOther LiabilitiesBonds & Notes PayableTotal Liabilities
Net AssetsInvested in Capital Assets, Net of Related DebtRestricted For Debt ServiceUnrestrictedTotal Net Assets
Comparative Statement of Net AssetsEnterprise Funds
The following table represents a condensed Comparative
AssetsCash & InvestmentsReceivablesRestricted AssetsDue From Other FundsCapital Assets, Net of Accumulated DepreciationTotal Assets
Liabilities and Net AssetsAccounts, Salaries, & Other PayablesOther LiabilitiesBonds & Notes PayableTotal Liabilities
Net AssetsInvested in Capital Assets, Net of Related DebtRestricted For Debt ServiceUnrestrictedTotal Net Assets
$ 31,863 $5,161
121,986159,010
6,544-0-
32,00038,544
89,98713,82516,654
$ 120,466 $
33,4095,610
102,573141,592
3,841-0-
30,00033,841
72,57315,47319,705
107,751
5%9%
16%11%
41%0%6%
12%
19%12%18%10%
Statement of Net Assets as of June 30, 2006:
2005
$ 68,518 $16,530
118,5972,800
2,574,9492,781,394
2,96236,350
556,602595,914
2,018,34782,24784,886
$ 2,185,480 $
2006 %
68,93816,689
131,4802,800
2,483,5412,703,448
1,78456,225
516,619574,628
1,932,189131,48065,151
2,128,820
Chance
1%1%
11%0%4%3%
40%55%7%4%
4%60%23%
3%
MD&A
Comparative Changes in Fund BalancesGovernmental Funds
The following table reflects the condensed ComparativeFund Balances for the year ended June 30, 2006;
Beginning Fund Balances
Total RevenuesTotal ExpendituresTotal Transfers In (Out)Increase (Decrease) in Fund Balances
Ending Fund Balances
Comparative Changes in Net AssetsEnterprise Funds
The following table reflects the condensed ComparativeAssets for the year ended June 30, 2006:
Beginning Net Assets
Operating RevenuesNon-Operating RevenuesTotal Revenues
Operating ExpensesNon-Operating ExpensesTotal Expenses
Transfers In (Out)
Increase (Decrease) in Net Assets
Ending Net Assets
Statement of Revenues,
2005$ 36,995 $
213,745(234,861)
14,600(6,516)
$ 30,479 $
Statement of Revenues,
2005$ 2,244,033 $
216,6311,438
218,069
229,18132,841
262,022
(14,600)
(58,553)
$ 2, 185,480 $
Expenditures,
200630,479
177,065(177,366)
5,0004,699
35,178
Expenses, and
20062,185,480
205,9953,771
209,766
229,17432,254
261,428
(5,000)
(56,662)
2,128,818
and Changes in
% Change18%
17%24%66%
172%
16%
Changes in Net
% Change3%
5%162%
4%
0%2%0%
66%
3%
3%
MD&A
CAPITAL ASSETS
Capital Assets - Governmental Fund
At June 30,2006, the Town had $102,573 invested in capital assets, including equipment.
Capital Assets at Year-EndEquipment 255,335Accumulated Depreciation (152,762)Total $ 102,573
Capital Assets - Enterprise Fund
At June 30,2006, the Town had $2,483,541 invested in capital assets, including the sewer system, machinery, andequipment.
Capital Assets at Year-EndSewer System $ 1,565,599Water System 2,056,148Accumulated Depreciation (1,138,206)Total S 2,483,541
CONTACTING THE TOWN'S FINANCIAL MANGEMENT;
This financial report is designed to provide our citizens, taxpayers, customers, and creditors with a generaloverview of the entity's finances and to show that the entity's accountability for the money it receives. If youhave questions about this report or need additional information, contact Mayor Terri Corley at the Town Hall,phone number (318) 495-3452.
JOHN R, VERCHER PCCertified Public Accountant
P.O. Box 1608Jena, Louisiana 71342
Tel: (318) 992-6348Fax:(318)992-4374
INDEPENDENT ACCOUNTANT'S REPORT
Honorable Terri Corley, MayorTown of UraniaPO Box 339Urania, LA 71480
I have reviewed the accompanying basic Financial statements of the governmental activities, the business-typeactivities of each major fund, and the aggregate remaining fund information of the Town of Urania, Louisiana asof and for the year ended June 30, 2006, which collectively comprise the entity's basic financial statements aslisted in the table of contents. These Financial statements are the responsibility of the Town of Urania,Louisiana's management.
My review was conducted in accordance with Statements on Standards for Accounting and Review Servicesissued by the American Institute of Certified Public Accountants and applicable standards of GovernmentAuditing Standards issued by the Comptroller General of the United States of America. A review consistsprincipally of inquiries of entity personnel and analytical procedures applied to financial data. It is substantiallyless in scope than an audit in accordance with generally accepted auditing standards, the objective of which is theexpression of an opinion regarding the financial statements taken as a whole. Accordingly, 1 do not express suchan opinion.
Based on my review, I am not aware of any material modifications that should be made to the accompanyingfinancial statements in order for them to be in conformity with generally accepted accounting principles.
In accordance with the Louisiana Governmental Audit Guide and the provisions of state law, I have issued areport, dated September 15,2006, on the results of my agreed-upon procedures.
The management's discussion and analysis and budgetary comparison information is not a required part of thebasic Financial statements but is supplementary information required by the Governmental Accounting StandardsBoard. Such information has not been subjected to the inquiry and analytical procedures applied in the review ofthe basic financial statements, but was compiled from information that is the representation of management,without audit or review. Accordingly, I do not express an opinion or any other form of assurance on thesupplementary information.
Jena, LouisianaSeptember 15,2006
MEMBER-AMERICAN INSTITUTE OP CERTIFIED PUBLIC ACCOUNTANTS
SOCIETY OF LOUISIANA CEimFIEO PUBLIC ACCOUNTANTS
JOHN R. VERCHER PCCertified Public Accountant
P.O. Box 1608Jena, Louisiana 71342
Tel: (318) 992-6348Fax: (318) 992-4374
INDEPENDENT ACCOUNTANT'S REPORTON APPLYING AGREED-UPON PROCEDURES
Honorable Terri Corley, MayorTown of UraniaPO Box 339Urania, LA 71480
I have performed the procedures included in the Louisiana Government Audit Guide and enumerated below,which were agreed to by the management of the Town of Urania, Louisiana and the Legislative Auditor, State ofLouisiana, solely to assist the users in evaluating management's assertions about the Town of Urania, Louisiana'scompliance with certain laws and regulations during the year ended June 30,2006 included in the accompanyingLouisiana Attestation Questionnaire. This agreed-upon procedures engagement was performed in accordancewith standards established by the American Institute of Certified Public Accountants. The sufficiency of theseprocedures is solely the responsibility of the specified users of the report. Consequently, I make no representationregarding the sufficiency of the procedures described below either for the purpose for which this report has beenrequested or for any other purpose.
Public Bid Law
1. Select all expenditures made during the year for material and supplies exceeding $20,000, or public worksexceeding $100,000, and determine whether such purchases were made in accordance with LSA-RS 38:2211-2251 (the public bid law).
*During my review of expenditures, I found no such expenditures.
2. Obtain from management a list of the immediate family members of each board member as defined by LSA-RS 42:1101-1124 (the code of ethics), and a list of outside business interests of all board members andemployees, as well as their immediate families.
* Management provided me with the required list including the noted information.
3. Obtain from management a listing of all employees paid during the period under examination.
* Management provided me with the required list.
4. Determine whether any of those employees included in the listing obtained from management in agreed-uponprocedure (3) were also included on the listing obtained from management in agreed-upon procedure (2) asimmediate family members.
* None of the employees included on the list of employees provided by management [agreed-upon procedure (3)]appeared on the list provided by management in agreed-upon procedure (2).
MEMBERAMERICAN INSTITUTE OP CERTIFIED PUBLIC ACCOUNTANTSSOCIETY OP LOUISIANA CERTIFIED fUBLIC ACCOUNTANTS
Budgeting
5. Obtained a copy of the legally adopted budget and all amendments.
* I obtained a copy of the legally adopted budget and all amendments.
6. Trace the budget adoption and amendments to the minute book.
* I traced the budget adoption to the entity's minute book.
7. Compare the revenues and expenditures of the final budget to actual revenues and expenditures to determine ifactual revenues or expenditures exceed budgeted amounts by more than 5%,
* The entity over spent its budget by $8,159 or 4.9%. The entity had a favorable revenue variance.
Accounting and Reporting
8. Randomly select 6 disbursements made during the period under examination and:(a) trace payments to supporting documentation as to proper amount and payee;
* I examined supporting documentation for each of the six selected disbursements and found that payment was forthe proper amount and made to the correct payee.
(b) determine if payments were properly coded to the correct fund and general ledger account; and
* All of the payments were properly coded to the correct fund and general ledger account.
(c) determine whether payments received approval from proper authorities.
* Inspection of documentation supporting each of the six selected disbursements indicated approvals from themayor of the entity and proper documentation and correct coding.
Meetings
9. Examine evidence indicating that agendas for meetings recorded in the minute book were posted or advertisedas required by LSA-RS 42:1 through 42:12 (the open meetings law).
* The entity holds its regularly scheduled meeting on the third Thursday of each month pursuant to the provisionof a written notice given to each and every member, thereof, and duly posted in the town hall.
Debt
10. Examine bank deposits for the period under examination and determine whether any such deposits appear tobe proceeds of bank loans, bonds, or like indebtedness.
* I inspected all bank deposit entries in the books for the period under examination and noted no deposits whichappeared to be proceeds of bank loans, bonds, or like indebtedness.
Advances and Bonuses
1 1. Examine payroll records and minutes for the year to determine whether any payments have been made toemployees which may constitute bonuses, advances, or gifts.
* A reading of the minutes of the entity for the year indicated no approval for the payments noted. I alsoinspected payroll records for the year and noted no instances which would indicate payments to employees whichwould constitute bonuses, advances, or gifts.
I was not engaged to, and did not perform an examination, the objective of which would be the expression of anopinion on management's assertions. Accordingly, I did not express such an opinion. Had I performed additionalprocedures, other matters might have come to my attention that would have been reported to you.
This report is intended solely for the use of management of the Town of Urania, Louisiana and the LegislativeAuditor, State of Louisiana, and should not be used by those who have not agreed to the procedures and takenresponsibility for the sufficiency of the procedures for their purposes. However, this report is a matter of publicrecord and its distribution is not limited.
Jena, LouisianaSeptember 15, 2006
TOWN OF URANIA, LOUISIANAStatement of Net Assets
June 30,2006
Statement A
ASSETSCashInvestmentsReceivables (Net of Allowances For Uncollectable)Due From Other FundsRestricted AssetsCapital Assets (Net of Accumulated Depreciation)TOTAL ASSETS
LIABILITIESAccounts, Salaries, & Other PayablesCustomer DepositsAccrued InterestCurrent Bonds & Notes PayableNon-Current Bonds & Notes PayableTOTAL LIABILITIES
NET ASSETSInvested in Capital Assets, Net of Related DebtRestricted For Debt ServiceUnrestrictedTOTAL NET ASSETS
PRIMARY GOVERNMENT
GOVERNMENTAL
$
$
ACTIVITIES
4,834 S28,575
5,610-0--0-
102,573141,592
3,841-0--0-
2,00028,00033,841
72,57315,47319,705
107,751 $
BUSINESS-TYPE
ACTIVITIES
4,484 $64,45416,6892,800
131,4802,483,5412,703,448
1,78421,49215,46920,719
515,164574,628
1,932,189131,48065,151
2,128,820 $
TOTAL
9,31893,02922,2992,800
131,4802,586,1142,845,040
5,62521,49215,46922,719
543,164608,469
2,004,762146,95384,856
2,236,571
See accountant's report.The accompanying notes are an integral part of this statement.
11
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TOWN OF URANIA, LOUISIANABalance Sheet, Governmental Funds
June 30,2006
Statement C
ASSETSCashInvestmentsReceivables (Net of Allowances For Uncollectable)TOTAL ASSETS
LIABILITIESAccounts, Salaries, & Other PayablesTOTAL LIABILITIES
FUND BALANCEReserved For Debt ServiceUnreserved Reported In General FundTOTAL FUND BALANCE
TOTAL LIABILITIES & FUND BALANCE
DEBTGENERAL SERVICE
FUND NON-MAJOR
J 4,834 $13,1025,610
23,546
3,8413,841
-0-19,70519,705
: 23,546 $
-0- $15,473
-0-15,473
-0--0~
15,473-0-
15,473
15,473 $
TOTAL
4,83428,575
5,61039,019
3,8413,841
15,47319,70535,178
39,019
See accountant's report.The accompanying notes are an integral part of this statement
13
Statement DTOWN OF URANIA, LOUISIANA
Reconciliation of The Government Funds Balance Sheetto the Government-Wide Financial Statement of Net Assets
June 30,2006
Amounts reported for governmental activities in the Statement of Net Assets are different because:
Fund Balance, Total Governmental Funds (Statement C) $ 35,178
Capital assets used in governmental activities are not financialresources and, therefore, are not reported in the governmentalfunds. 102,573
Long-term liabilities including bonds payable are not due andpayable in the current period and, therefore, are not reportedin the governmental funds.
Other (30,000)
Net Assets of Governmental Activities (Statement A) $ 107,751
See accountant's report.The accompanying notes are an integral part of this statement.
14
TOWN OF URANIA, LOUISIANAStatement of Revenues, Expenditures &
Changes in Fund BalancesGovernmental Funds
For the Year Ended June 30,2006
Statement E
REVENUESFees & ChargesTaxesFinesGrantsInterestOtherTOTAL REVENUES
EXPENDITURESGeneral & AdministrativePolice ExpenseRecreationalFireStreet & SanitationDebt ServiceCapital OutlayTOTAL EXPENDITURES
EXCESS (DEFICIENCY) OF REVENUES OVER(UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES)Transfers In (Out)TOTAL OTHER FINANCING SOURCES (USES)
NET CHANGE IN FUND BALANCE
FUND BALANCES-BEGINNINGFUND BALANCES-ENDING
GENERAL
$ 68,682 $7,836
76,34813,210
8574,884
171,817
120,15331,0546,726
10,4961,292
-0-4,045
173,766
(1,949)
5,0005,000
3,051
16,654$ 19,705 $
DEBTSERVICE
NON-MAJOR
-0- $5,076
-0"-0--0-172
5,248
-0--0--0--0--0-
3,600-0-
3,600
1,648
-0--0-
1,648
13,82515,473 $
TOTAL
68,68212,91276,34813,210
8575,056
177,065
120,15331,0546,726
10,4961,2923,6004,045
177,366
(301)
5,0005,000
4,699
30,47935,178
See accountant's report.The accompanying notes are an integral part of this statement
15
Statement FTOWN OF URANIA, LOUISIANA
Reconciliation of The Statement of Revenues, Expenditures,& Changes in Fund Balances of Governmental Funds
To the Statement of ActivitiesFor the Year Ended June 30,2006
Amounts reported for governmental activities in the Statement of Activities are different because:
Net Change in Fund Balances, Total governmental Funds, Statement E S 4,699
Governmental funds report capital outlays as expenditure. However, in thestatement of activities the cost of those assets is allocated over their estimateduseful lives and reported as depreciation expense. This is the amount by whichcapital outlays exceeded depreciation in the current period. 4,045
The issuance of long-term debt (bonds, leases, etc.) provides current financialresources to governmental funds, while the repayment of the principal oflong-term debt consumes the current financial resources of governmentalfunds. Neither transaction, however, has any effect on net assets. Also,governmental funds report the effect of issuance costs premiums, discounts, andsimilar items when debt is issued, whereas these amounts are deferred andamortized in the statement of activities. This amount is the net effect of thesedifferences in the treatment of long-term debt and related items. 2,000
Some expenses reported in the statement of activities do not require the use ofcurrent financial resources and, therefore, are not reported as expendituresin governmental funds. (23,459)
Changes in Net Assets of Governmental Activities, statement B $ (12.715)
See accountant's reportThe accompanying notes are an integral part of this statement.
16
Statement GTOWN OF URANIA, LOUISIANA
Statement of Net Assets, Proprietary FundsJune 30,2006
BUSINESS-TYPEACTIVITIES
ENTERPRISE FUNDS(MAJOR ENTERPRISE
FUNDS)WATER & SEWER
FUNDCURRENT ASSETSCash & Cash Equivalents $ 4,484Investments 64,454Receivables (Net of Allowances For Uncollectable) 16,689Due From Other Funds 2,800TOTAL CURRENT ASSETS 88,427
NON-CURRENT ASSETSRestricted Assets 131,480Capital Assets (Net of Accumulated Depreciation) 2,483,541TOTAL NON-CURRENT ASSETS 2,615,021
TOTAL ASSETS 2,703,448
CURRENT LIABILITIESAccounts, Salaries, & Other Payables 1,784TOTAL CURRENT LIABILITIES 1.784
CURRENT LIABILITIES PAYABLE FROM RESTRICTED ASSETSCustomer Depos its 21,492Accrued Interest 15,469Current Principle Payable 19,264TOTAL CURRENT LIABILITIES PAYABLE FROM RESTRICTED ASSETS 56,225
NON-CURRENT LIABILITIESRevenue Bonds 516,619TOTAL NON-CURRENT LIABILITIES 516.619
TOTAL LIABILITIES 574,628
NET ASSETSInvested in Capital Assets, Net of Related Debt 1,932,189Restricted For Debt Service 131,480Unrestricted 65,151TOTAL NET ASSETS $ 2.128,820
See accountant's reportThe accompanying notes are an integral part of this statement.
17
Statement HTOWN OF URANIA, LOUISIANA
Statement of Revenues, Expenses & Changes in Net AssetsProprietary Funds
June 30,2006
OPERATING REVENUESWater SalesSewer ChargesTOTAL OPERATING REVENUES
OPERATING EXPENSESAdministrationDepreciationTOTAL OPERATING EXPENSES
OPERATING INCOME (Loss)
NON-OPERATING REVENUES (EXPENSES)Interest EarningsInterest ExpenseTOTAL NON-OPERATING REVENUES (EXPENSES)
INCOME (Loss) BEFORE CONTRIBUTIONS & TRANSFERS
Transfers In/(Out)
CHANGE IN NET ASSETS
TOTAL NET ASSETS - BEGINNINGTOTAL NET ASSETS - ENDING
BUSINESS-TYPEAcnvrriES-
ENTERPRISE FUNDS(MAJOR ENTERPRISE
FUNDS)WATER & SEWER
FUND
85,898120,097205,995
137,76691,408
229,174
(23,179)
3,773(32,254)(28,481)
(51,660)
(53000)
(56,660)
2.185.4802,128.820
See accountant's reportThe accompanying notes are an integral part of this statement.
18
Statement ITOWN OF URANIA, LOUISIANA
Statement of Cash FlowsProprietary Funds
June 30,2006
CASH FLOWS FROM OPERATING ACTIVITIESReceipts From Customers & UsersPayments to Suppliers & EmployeesNET CASH PROVIDED (USED) BY OPERATING ACTIVITIES
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIESTransfers to Other FundsAdvances From Other FundsNET CASH PROVIDED (USED) BY NONCAPITAL FINANCING ACTIVITIES
CASH FLOWS FROM CAPITAL & RELATED FINANCING ACTIVITIESPrincipal on Capital DebtInterest Paid on Capital DebtNET CASH PROVIDED (USED) BY CAPITAL & RELATED FINANCING ACTIVITIES
CASH FLOWS FROM INVESTING ACTIVITIESPurchase of Investments & Restricted FundsInterest & Dividends ReceivedNET CASH PROVIDED (USED) BY INVESTING ACTIVITIES
NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS
CASH & CASH EQUIVALENTS, BEGINNING OF YEARCASH & CASH EQUIVALENTS, END OF YEAR
RECONCILIATION OF OPERATING INCOME (Loss) TO NET CASHPROVIDED (USED) BY OPERATING AcnvrriES
Operating Income (Loss)Depreciation Expense(Increase) Decrease in Accounts ReceivableIncrease (Decrease) in Accounts PayablcsIncrease (Decrease) Customer DepositsTOTAL ADJUSTMENTS
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES
BUSINESS-TYPEAcnvmES-
ENTERPRISE FUNDS(MAJOR ENTERPRISE
FUNDS)WATER & SEWER
FUND
$ 207,037(138,944)
68,093
(5,000)-0-
(5,000)
(20,719)(32,844)(53,563)
(13,394)3,7739,621
(91)
4,5754,484
(23,179)91,408
(159)0,178)
1,20191,272
68.093
See accountant's report.The accompanying notes are an integral part of this statement.
19
Statement JTOWN OF URANIA, LOUISIANA
Statement of Net AssetsFiduciary Funds
June 30,2006
PAYROLLAGENCY
FUNDASSETSCash & Cash Equivalents $ 2,800TOTAL ASSETS 2,800
LIABILITIESDue to Enterprise Fund 2,800TOTAL LIABILITIES 2,800
NET ASSETSHeld in Trust $ -0-
See accountant's reportThe accompanying notes are an integral part of this statement.
20
Statement KTOWN OF URANIA, LOUISIANA
Statement of Changes inFiduciary Net Assets
June 30,2006
PAYROLLAGENCY FUND
ADDITIONSContributions $ 120,250TOTAL ADDITIONS 120,250
DEDUCTIONSPayroll & taxes 120,250TOTAL DEDUCTIONS 120,250
CHANGE IN NET ASSETS
NET ASSETS-BEGINNING -0-NET ASSETS-ENDING $ -o-
Sce accountant's report.The accompanying notes are an integral part of this statement
21
TOWN OF URANIA, LOUISIANA
NOTES TO THE BASIC FINANCIAL STATEMENTS
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Town of Urania was incorporated under the provisions of the Lawrason Act. The entity operates under theMayor-Board of Alderman form of government. The entity provides the following significant services to itsresidents as provided by its charter: public safety (police and fire), highways and streets, utilities (water, gas andsewer services) and general administrative functions, including coordination of related services with parish, stateand federal governing bodies.
The entity applies all GASB pronouncements as well as the Financial Accounting Standards Boardpronouncements issued on or before November 30, 1989, unless those pronouncements conflict with or contradictGASB pronouncements.
The accounting and reporting policies of the Town of Urania conform to generally accepted accounting principlesas applicable to governments. Such accounting and reporting procedures also conform to the requirements ofLouisiana Revised Statutes 24:517 and to the guides set forth in the Louisiana Municipal Audit and AccountingGuide, and to the industry audit guide, Audits of State and Local Governmental Units.
The following is a summary of certain significant accounting policies:
A. GOVERNMENT-WIDE AND FUND FINANCIAL STATEMENTS
The government-wide financial statements (i.e., the statement of net assets and the statement of changes in netassets) report information on all of the nonfiduciary activities of the primary government and its component units.For the most part, the effect of interfund activity has been removed from these statements. Governmentalactivities, which normally are supported by taxes and intergovernmental revenues, are reported separately frombusiness-type activities, which rely to a significant extent on fees and charges for support Likewise, the primarygovernment is reported separately from certain legally separate component units for which the primarygovernment is financially accountable.
The statement of activities demonstrates the degree to which the direct expenses of a given function or segmentare offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function orsegment. Program revenues include 1) charges to customers or applicants who purchase, use or directly benefitfrom goods, services, or privileges provided by a given function or segment and 2) grants and contributions thatare restricted to meetings the operational or capital requirements of a particular function or segment. Taxes andother items not properly included among program revenues are reported instead as general revenues.
Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary funds, eventhrough the latter are excluded from the government-wide financial statements. Major individual governmentalfunds and major individual enterprise funds are reported as separate columns in the fund financial statements.
B. MEASUREMENT Focus, BASIS OF ACCOUNTING, AND FINANCIAL STATEMENT PRESENTATION
The government-wide financial statements are reported using the economic resources measurement focus and theaccrual basis of accounting, as arc the proprietary fund and fiduciary fund financial statements. Revenues arerecorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of relatedcash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similaritems are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.
23
TOWN OF URANIA, LOUISIANA
NOTES TO THE BASIC FINANCIAL STATEMENTS(CONTINUED)
Governmental fund financial statements are reported using the current financial resources measurement focus andthe modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable andavailable. Revenues are considered to be available when they are collectible within the current period or soonenough thereafter to pay liabilities of the current period. For this purpose, the government considers revenues tobe available if they are collected within 60 days of the end of the current fiscal period. Expenditures generally arerecorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well asexpenditures related to compensated absences and claims and judgments, are recorded only when payment is due.
Property taxes, franchise taxes, licenses, and interest associated with the current fiscal period are all considered tobe susceptible to accrual and so have been recognized as revenues of the current fiscal period. All other revenueitems are considered to be measurable and available only when cash is received by the government.
The municipality reports the following major governmental funds:
The General Fund is the municipality's primary operating fund. It accounts for all financial resources ofthe general government, except those required to be accounted for in another fund
The municipality reports the following major proprietary funds:
• Water and Sewer Fund
Private-sector standards of accounting and financial reporting issued prior to December 1, 1989, generally arefollowed in both the government-wide and proprietary fund financial statements'to the extent that those standardsdo not conflict with or contradict guidance of the Governmental Accounting Standards Board, Governments alsohave the option of following subsequent private-sector guidance for their business-type activities and enterprisefunds, subject to this same limitation. The government has elected not to follow subsequent private-sectorguidance.
As a general rule the effect of interfund activity has been eliminated from the government-wide financialstatements. Exceptions to this general rule are payments-In-lieu of taxes and other charges between thegovernments enterprise operations. Elimination of these charges would distort the direct costs and programrevenues reported for the various functions concerned.
Amounts reported as program revenues include I) charges to customers or applicants for goods, services, orprivileges provided, 2) operating grants and contributions, and 3) capital grants and contributions, includingspecial assessments. Internally dedicated resources are reported as general revenues rather man as programrevenues. Likewise, general revenues include all taxes.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues andexpenses generally result from providing services and producing and delivering goods in connection with aproprietary fund's principal ongoing operations. The principal operating revenues are charges for services andsales taxes. Operating expenses for enterprise funds include the cost of sales and services, administrativeexpenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reportedas nonoperating revenues and expenses.
24
TOWN OF URANIA, LOUISIANA
NOTES TO THE BASIC FINANCIAL STATEMENTS(CONTINUED)
C. FIXED ASSETS & LONG-TERM LIABILITIES
For the year ended June 30, 2006, no interest costs were capitalized for construction of fixed assets.
Depreciation of all exhaustible fixed assets is charged as an expense against its operations. Accumulateddepreciation is reported on the proprietary fund balance sheet and governmental fund statement of activities.Depreciation has been provided over the estimated useful lives using the straight-line method. The estimateduseful lives are as follows:
Life In YearsWater System 40Sewer System 40Buildings 40Equipment 5-10
D. BUDGETS & BUDGETARY ACCOUNTING
The entity follows these procedures in establishing the budgetary data reflected in these financial statements:
(1) The Town clerk prepares a proposed budget based on departmental group budget requests, andsubmits the same to the Mayor and Board of Aldermen for approval.
(2) The entity does not utilize the budget in comparison form in financial statement presentation duringthe year.
(3) All budgetary appropriations lapse at the end of the fiscal year.
(4) The entity does not utilize encumbrance accounting.
(5) The budget was amended during the year.
E. CASH & INVESTMENTS
All cash and investments (CD's over 90 days) are reported at cost and are on deposit at federally insured banks:
It is the entity's policy for deposits to be 100% secured by collateral at market or par, whichever is lower,less the amount of the Federal Deposit Insurance Corporation insurance. The entity's deposits arecategorized to give an indication of the level of risk assumed by the entity at fiscal year-end. Thecategories are described as follows:
• Category 1 - Insured or collateralized with securities held by the entity or by its agent in theentity's name.
• Category 2 - Collateralized with securities held by the pledging financial institution's trustdepartment or agent in the entity's name.
• Category 3 - Uncollateralized.
25
TOWN OF URANIA, LOUISIANA
NOTES TO THE BASIC FINANCIAL STATEMENTS(CONTINUED)
BankSabine State Bank and Concordia Bank & Trust
Bank Balance6-30-2006
238,767
Amounts on deposit at the batik are secured by thefollwving.
DescriptionFDIC (Category 7)
Market Value238.767
F. INVENTORIES
Immaterial amounts of inventory are maintained for general fund and enterprise fund operations and, accordingly,these supplies are expensed as purchased.
G. ACCOUNTS RECEIVABLE & BAD DEBTS - GENERAL FUND & ALLOWANCE FOR BAD DEBTS -ENTERPRISE FUND
At June 30, 2006 no reserve for bad debts in the general fund was required since the estimated uncollectablereceivables outstanding were considered immaterial.
EnterpriseFund
GovernmentalFund
Water and SewerFund
Fees & Charges $CustomerAllowance for Bad DebtsTotal $
-0- $17,567(878)
16t689 $
GeneralFund
5,610-0-•0-
5,610
H. COMPENSATED ABSENCES
The entity has no compensated absence policy.
26
TOWN OF URANIA, LOUISIANA
NOTES TO THE BASIC FINANCIAL STATEMENTS(CONTINUED)
I. RESERVES
The entity records reserves to indicate that a portion of its net assets balances are legally restricted for a specificfuture use. The following is a list of such reserves and a description of each:
Reserved for System Maintenance
This amount represents monies reserved for repairs and replacement of the water system.
Reserved- Revenue Bonds
This amount represents monies reserved as required by the revenue bond indentures.
Reserved for Debt Service
Certain assets have been reserved in the Debt Service Fund for future payment of long-term liabilities ofthe governmental funds.
(2) AD VALOREM TAXES
The entity levies taxes on real and business personal property located within its boundaries. The entity utilizes theservices of the LaSalle Parish Tax Assessor to assess the property values and prepare the entity's property tax roll.The entity bills and collects its own property taxes.
Property Tax Calendar
Assessment Date January 1Levy Date No Later Than June 1Tax Bills Mailed On or About October 15Total Taxes Are Due December 31Penalties and Interest are Added January 1Lien Date January 1
For the year ended June 30, 2006, taxes of 8.2 mills were levied against property having a valuation of some$1,628,140 which produced some $13,352 in revenue.
Ad Valorem Taxes are broken down as follows:
MillsUrania Debt Service - General Obligation Bonds 1.625Urania Sewer District No. 1 - General Obligation Bonds 1.625General Alimony 4.95Total 8.2
27
TOWN OF URANIA, LOUISIANA
NOTES TO THE BASIC FINANCIAL STATEMENTS(CONTINUED)
(3) RESTRICTED ASSETS - PROPRIETARY FUND TYPES
At June 30, 2006, restricted assets of the Enterprise Funds were invested in either interest bearing checkingaccounts or time deposits and were restricted for the following purposes:
Bond Sinking £Meter DepositBond ReserveDepreciation & ContingenciesTotal $
(4) FIXED ASSETS
PROPERTY ENTERPRISE FUND: PLANT AND EQUIPMENT
A summary of enterprise fund property, plant and equipment at June 30,2006, is as follows;
Water21,14411,50318,60940,47291,728
$
$
Sewer11,139
-0-22,8075,806
39,752
WaterDistribution SystemAccumulated DepreciationNet
SewerPlantAccumulated DepreciationNet
Balance Additions6-30-2005 (Deletions)
2,055,784 $(476,458)
1,579,326
1,565,599 $(569,975)995,624
-0- S(51,724)(51,724)
-0- $(39,684)(39,684)
Balance6-30-2006
2,055,784(528,182)1.527,602
1,565,599(609,660)955,939
Enterprise fund assets are depreciated on the straight-line basis using the following useful lives:
Sewer PlantWater PlantEquipment
40 Years40 Years5-10 Years
GOVERNMENTAL FUND
A summary of governmental fund depreciable assets at June 30,2006, is as follows:
EquipmentAccumulated DepreciationNet
£
S
Balance6-30-05
251,290(129,303)121,987
Additions(Deletions)
$
$
4,045(23,459)19,414
$
$
Balance6-30-06
255,335(152,762)102,573
28
TOWN OF URANIA, LOUISIANA
NOTES TO THE BASIC FINANCIAL STATEMENTS(CONTINUED)
Government fund assets are depreciated on the straight-line basis using the following useful lives:
Equipment 5-10 Years
Buildings 40 Years
(5) CHANGES IN LONG-TERM DEBT
The following is a summary of bond transactions of the Town of Urania for the year ended June 30,2006:
General Obligation | RevenuePublic
Public ImprovementImprovement District #1 Water
(Sewer) Sewer Utility Sewer TotalBonds Payable 06/30/2005 $ 16,000 $ 16,000 $ 450,602 $ 106,000 $ 588,602Principal Retirement (1,000) (1,000) (14,719) (6j)QO) (22,719)Bonds Payable 06/30/2006 $ 15,000 $ 15,000 $ 435,883 $ 100,000 $ 565,883
Notes and bonds payable at June 30,2006 are comprised of the following individual issues:
General Obligation Bonds Administer bv the Debt Service Fund:
Two 1977 issues of $42,935 each serial bonds due in annual installments of $1,000, increasingto $3,000 annually at maturity at September 28,2016; interest at 5%. $ 30,000
Revenue bonds administered bv the Water and Sewer Enterprise Fund;
$185,000 water serial bonds due annually in installments of $2,935, increasing in increments of$1,000 to $10,000 annually at maturity at March 1,2012; interest at 5%. 54,000
$197,400 sewer serial bonds due annually in installments of $2,935, increasing in increments of$1,000 to $12,935 annually at maturity at September 28,2016; interest at 5%. 100,000
$454,000 water serial bonds issued November 14,1990,40 year maturity, $44,000 @ 6% withannual installments of $2,944 and $410,000 @ 6.25% with annual installments of $27,855. 381,883
Total $ 565,883
29
TOWN OF URANIA, LOUISIANA
NOTES TO THE BASIC FINANCIAL STATEMENTS(CONTINUED)
Provision of Revenue Bond Indenture
Under the terms of the bond indenture on outstanding utility bonds, all income and revenues of every nature arepledged and dedicated to the retirement of said bonds and are to be set aside into the following special funds:
(a) On or before the 20th of each month, there will be set aside into a fund called the "Revenue Bond andInterest Sinking Fund" an amount constituting one-twelfth of the next maturing installment of principaland interest. Such transfers shall be fully sufficient to assure the prompt payment of principal and interestinstallments as they become due and may be used only for such payments.
(b) On or before the 20th of each month, there shall be set aside into a "Bond Reserve Fund" for the sewerbonds, and amount equal to 5% of the amount not be paid into the sinking fund until $13,200 has beenaccumulated. For the water bonds, a sum of 5% of the monthly payment being; made into the sinkingfund must be deposited monthly into the "Reserve Fund** until it equals the highest combined annual debtservice in any future year on all outstanding bonds. Such amounts may be used only for the payment ofmaturing bonds in the "Bond and Interest Sinking Fund" and as to which there would otherwise bedefault.
(c) Funds will also be set aside into a "Depreciation and Contingency Fund" at the rate of $68 per month forthe sewer bonds and $588 per month for the water bonds. Money in this fund may be used for the makingof extraordinary repairs as replacements to the systems, which are necessary to keep the systems inoperating condition, and is not available for maintenance and operating expenses.
Provisions of General Obligation Bond Indenture
These bonds constitute a general obligation of the entity and the fulJ faith and credit of the entity is pledged forthe repayment of these bonds. The bonds are secured by a special tax to be imposed and collected annually inexcess of all other taxes on all the property subject to taxation within the territorial limits of the entity sufficient topay the principal and interest.
Annual Requirements to Amortize all Debts
The annual requirements to amortize all debt outstanding as of June 30,2006, including interest payments of$458,993 are as follows;
TotalYear Ending June 30,200720082009201020112012-20162017-20212022-20262027-2030Total
G.O.Bonds
$ 3,400 $3,3003,2003,1003,000
20,900-0--0--0-
$ 36,900 $
SewerRevenueBonds
63,84962,69964,54963,24964,949
237,495153,995153,995123,196987,976
$ 67,24965,99967,74966,34967,949
258,395153,995153,995123,196
S 1,024,876
30
TOWN OF URANIA, LOUISIANA
NOTES TO THE BASIC FINANCIAL STATEMENTS(CONTINUED)
(6) ELECTED OFFICIAL'S SALARIES
Name
Terri Corley
S. L. Etheridge
Jay Ivy
Carl Vickers
Pat McDougald
Stacie Strain
Mickey Lofton
Title
Mayor
Alderman
Alderman
Alderman
Alderman
Alderman
Chief ofPolice
Term of Office
07/01/05-06/30/06
07/01/05-06/30/06
07/01/05-06/30/06
07/01/05-06/30/06
07/01/05-06/30/06
07/01/05-06/30/06
07/01/05-06/30/06
AnnualizedSalary
$ 7,200
240
240
240
240
240
15,000
AnnualExpense
$ 1,440
-0-
-0-
-0-
-0-
-0-
-0-
m DUE FROM (TO) OTHER FUNDS
Enterprise FundAgency Fund
Total
Due FromOther Funds
$ 2,800-0-
$ 2,800
Due ToOther Funds
$ -o.2,800
$ 2,800
The amounts due are to pay payroll related expenses.
(8) USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted accounting principles requiresmanagement to make estimates and assumptions that affect the reported amounts of assets and liabilities anddisclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts ofrevenues and expenses during the reporting period. Actual results could differ from those estimates.
(9) ENCUMBRANCES
The entity does not utilize encumbrance accounting.
(10) RETIREMENT PLANS
The entity does not offer its employees a retirement plan, All employees are in the social security system.
(11) EXPENDITURES IN EXCESS OF APPROPRIATIONS
The entity overspent its general fund budget by J8,159 or 4.9% during the year.
31
TOWN OF URANIA, LOUISIANA
NOTES TO THE BASIC FINANCIAL STATEMENTS(CONTINUED)
(12) TRANSFERS
Transfers between funds were made for operational purposes.
32
TOWN OF URANIA, LOUISIANAStatement of Revenues, Expenditures, & Changes in Fund Balance
Budget & ActualGeneral Fund
For the Year Ended June 30,2006
Statement 1
REVENUESFees & ChargesTaxesFinesGrantsInterestOtherTOTAL REVENUES
EXPENDITURESGeneral & AdministrativePolice ExpenseRecreationalFireStreet & SanitationDebt ServiceCapital OutlayTOTAL EXPENDITURES
EXCESS (DEFICIENCY) OF REVENUES OVER(UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES)Transfers In (Out)TOTAL OTHER FINANCING SOURCES (USES)
NET CHANGE IN FUND BALANCE
FUND BALANCES-BEGINNINGFUND BALANCES-ENDING
BUDGET AMOUNTS
ORIGINAL
65,4069,168
93,644•0--0-
4,136172,354
143,53211,7821,3004,7062,956
-0-±_
164,276 $
FINAL
66,067 S9,398
77,436-0--0-
4,547157,448
140,3919,2397,5437,1351,299
-0--0-
165,607 $
S
ACTUALAMOUNTS
BUDGETARYBASIS
68,6827,836
76,34813,210
8574,884
171,817
120,15331,0546,726
10,4961,292
-0-4,045
173,766
(1,949)
5,0005,000
3,051
16,65419,705
BUDGETVARIANCE
FAVORABLE(UNFAVORABLE)
$ 2,615(1,562)(1,088)13,210
857337
14,369
20,238(21,815)
817(3,361)
7-0-
(4,045)$ (8,159)
See accountant's report.The accompanying notes are an integral part of this statement
34
TOWN OF URANIA, LOUISIANA
MANAGEMENT LETTER COMMENTS
During the course of my audit, I observed conditions and circumstances that may be improved. Below aresituations that may be improved (if any) and recommendations for improvements.
CURRENT YEAR MANAGEMENT LETTER COMMENTS
There are no current year management letter comments.
35
TOWN OF URANIA, LOUISIANA
MANAGEMENT'S SUMMARYOF PRIOR YEAR FINDINGS
Legislative AuditorState of LouisianaBaton Rouge, Louisiana 70804-9397
The management of the Town or Urania, Louisiana has provided the following action summaries relating to auditfindings brought to their attention as a result of their financial audit for the year ended June 30,2005.
PRIOR YEAR FINDINGS
There were no prior year findings.
36
LOUISIANA ATTESTATION QUESTIONNAIRE
September 11,2006
JOHN R. VERCHER PCCertified Public AccountantP.O. Box 1608Jena, Louisiana 71342Tel: (318) 992-6348Fax:(318)992-4374
In connection with your review of our financial statements as of June 30,2006 and for the year then ended, and asrequired by Louisiana Revised Statute 24:513 and the Louisiana Governmental Audit Guide, we make thefollowing representations to you. We accept full responsibility for our compliance with the following laws andregulation and the internal controls over compliance with such laws and regulations. We have evaluated ourcompliance with the following laws and regulations prior to making these representations.
These representations are based on the information available to us as of July 30.2006.
Public Bid LawIt is true that we have complied with the public bid law, LSA-RS Title 38:2212, and, where applicable, theregulations of the Division of Administration, State Purchasing Office.
Yes[x] No[ ]
Code of Ethics for Public Officials and Public EmployeesIt is true mat no employees or officials have accepted anything of value, whether in the form of a service, loan, orpromise, from anyone that would constitute a violation of LSA-RS 42:1101-1124.
Yes[x] No[ ]
It is true that no member of the immediate family of any member of the governing authority, or the chiefexecutive of the governmental entity, has been employed by the governmental entity after April 1, 1980, undercircumstances that would constitute a violation of LSA-RS 42:1119.
Yes|> ] No[ ]
BudgetingWe have complied with the state budgeting requirements of the Local Government Budget Act (LSA-RS39:1301-14) or the budget requirements of LSA-RS 39:34.
Yes[x] No[ ]
Accounting and ReportingAll non-exempt governmental records are available as a public record and have been retained for at least threeyears, as required by LSA-RS 44:1,44:7,44:31, and 44:36.
Yes[x] No[ ]
We have filed our annual financial statements in accordance with LSA-RS 24:514, 33:463, and/or 39:92, asapplicable.
Yes[x]No[ ]
We have had our financial statements audited or compiled in accordance with-LSA-RS 24:513.
Yes [ x ] No [ ]MeetingsWe have complied with the provisions of the Open Meetings Law, provided in RS 42:1 through 42:12.
Yes[x] No[ ]DebtIt is true we have not incurred any indebtedness, other than credit for 90 days or less to make purchases in theordinary course of administration, nor have we entered into any lease-purchase agreements, without the approvalof the State Bond Commission, as provided by Article VII, Section 8 of the 1974 Louisiana Constitution, ArticleVI, Section 33 of the 1974 Louisiana Constitution, and LSA-RS 39:1410.60.
Yes fx ] No[ ]
Advances and BonusesIt is true we have not advanced wages or salaries to employees or paid bonuses in violation of Article VII, Section14 of the 1974 Louisiana Constitution, LSA-RS 14:138, and AG opinion 79-729.
Yes[x] No[ ]
We have disclosed to you all known noncompliance of the foregoing laws and regulations, as well as anycontradictions to the foregoing representations. We have made available to you documentation relating to theforegoing laws and regulations.
We have provided you with any communications from regulatory agencies or other sources concerning anypossible noncompliance with the foregoing laws and regulations, including any communications received betweenthe end of the period under examination and the issuance of this report. We acknowledge our responsibility todisclose to you any known noncompliance which may occur subsequent to the issuance of your report.
Title:
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